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As the accountant for Wheatley International, it is your job to prepare the company’s income statement and balance sheet.
Use the accounts listed below to construct the statements. Assume that the tax rate is 25%.
Use the sample Income Statement (Figure 17.7, page 486), Balance Sheet (Figure 17.5, page 489), and List of Accounts of the Balance Sheet and Income Statement (Figure 17.9, page 494) in the 11th edition of the textbook to help prepare each of the financial statements appropriately.
List of Accounts
The formula for the balance sheet is assets equal liabilities plus stockholders’ equity.
To prepare a balance sheet, add the assets and liabilities. The difference between the two is stockholders’ equity.
For the income statement, you subtract cost of goods sold from net sales (revenue). Then you subtract expenses to get gross income. From that, you subtract the income tax of 25% to get net income.
(Note: The format of these statements may be slightly different from the format taught in students’ accounting courses. The exact format is less important than understanding the overall concepts.)
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